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Arphra AIPlain-English read on Electronic Arts Inc.’s valuationIncome statement
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $6.99B | $7.43B | $7.56B | $7.46B | $7.53B | $8.28B | $8.73B | $8.74B | $10.49B |
| Cost of revenue | $1.86B | $1.79B | $1.71B | $1.54B | $1.58B | $1.76B | $1.86B | $1.89B | $2.19B |
| Gross profit | $5.13B | $5.63B | $5.85B | $5.92B | $5.95B | $6.35B | $6.81B | $6.81B | $8.09B |
| Gross margin | +73.41% | +75.87% | +77.39% | +79.32% | +78.97% | +76.72% | +78.06% | +77.92% | +77.14% |
| Operating | |||||||||
| Research & development | $2.19B | $2.33B | $2.42B | $2.57B | $2.83B | $2.83B | $2.95B | $2.96B | $3.58B |
| Selling, general & administrative | $1.63B | $1.71B | $1.71B | $1.71B | $1.89B | $1.94B | $2.09B | $2.05B | $2.51B |
| Total operating expenses | $4B | $4.3B | $4.33B | $4.4B | $4.79B | $4.98B | $5.28B | $5.32B | $6.12B |
| Operating income | $1.13B | $1.33B | $1.52B | $1.52B | $1.16B | $1.57B | $1.67B | $1.6B | $1.94B |
| Operating margin | +16.15% | +17.94% | +20.07% | +20.37% | +15.43% | +18.91% | +19.11% | +18.26% | +18.55% |
| EBITDA | $1.63B | $1.92B | $2.05B | $2.02B | $1.23B | $1.9B | $2.05B | $2.06B | $2.51B |
| EBIT | $1.14B | $1.38B | $1.65B | $1.66B | $1.16B | $1.65B | $1.72B | $1.75B | $2.11B |
| Below the line | |||||||||
| Interest expense | $58M | $58M | $58M | $58M | $0 | $43.79M | $44.31M | $44.97M | $53.7M |
| Interest income | $4M | $49M | $126M | $125M | $0 | $94.06M | $99.38M | $95.15M | $118.02M |
| Other income / expense | -$48M | -$6M | $71M | $85M | $18M | — | — | — | — |
| Pre-tax income | $1.08B | $1.33B | $1.59B | $1.61B | $1.18B | $1.63B | $1.71B | $1.72B | $2.07B |
| Income tax expense | $292M | $524M | $316M | $484M | $293M | $399.94M | $429.48M | $428M | $502.1M |
| Earnings | |||||||||
| Net income | $789M | $802M | $1.27B | $1.12B | $887M | $1.23B | $1.29B | $1.3B | $1.56B |
| Net income · continuing ops | $789M | $802M | $1.27B | $1.12B | $887M | $1.22B | $1.25B | $1.3B | $1.56B |
| Net margin | +11.29% | +10.80% | +16.83% | +15.02% | +11.78% | +14.86% | +14.75% | +14.89% | +14.85% |
| EPS · basic | $2.78 | $2.90 | $4.71 | $4.28 | $3.55 | $8.83 | $9.74 | $9.70 | $14.57 |
| EPS · diluted | $2.76 | $2.88 | $4.68 | $4.23 | $3.51 | $8.87 | $9.57 | $9.55 | $14.38 |
| EPS · low estimate | — | — | — | — | — | $8.16 | $8.52 | $7.52 | $13.16 |
| EPS · high estimate | — | — | — | — | — | $9.48 | $10.90 | $10.62 | $15.78 |
| Shares · basic | 284M | 277M | 270M | 262M | 250M | 252.05M | 251.38M | 251.56M | 251.3M |
| Shares · diluted | 286M | 278M | 272M | 264M | 253M | 252.26M | 252.15M | 252.33M | 251.51M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 12 | 10 | 5 | 2 |
| Analysts (EPS) | — | — | — | — | — | 11 | 8 | 3 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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